Technical analysis by pollux3000 about Symbol SUSHI: Buy recommendation (3/5/2024)

Weekly: long term analysisAfter around 95% deep correction during the bear market, SUSHIUSDT has revisited its lower point from which we can identify a reverse H&S pattern. This pattern is characteristic of a trend reversal when formed on a strong support. Let's have a closer look on shorter timeframeDaily: short term analysisIncreasing volumes on the upward movements and decreasing ones when prices decrease are also very characteristic of such a pattern and reveal the psychology of the market participants.StrategyBuy signal has been given on the weekly close above the horizontal resistance line around 1,8$.Objective 1: Nearest resistance line at 2,80$ (+50%)Objective 2: H&S target + next resistance at 4,98$ (+170%)Objective 3: Next resistance at 10,56$ (+480%)Invalidation Mental Stop: just below the last consolidation low at 1,33$. This setup proposes a nice Risk RewardIf prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.Risk = Distance between Mental stop and entry point.Our mental stop was quickly touch then real stop was executed at 1.33$ on the 8th of April. We are out of this trade with a controlled loss of 25%. Let's move on and focus on our next opportunities.